Dorchester Market Report

Dorchester Market Report

Total Inventory: Inventory is low for Dorchester and has been that way for most of 2013.

Median Sales Price: The median sales price has actually moved quite a bitfrom approx. $200K in 2011 to over $400K in 2013!

Unit Sales: Units sales are a little bouncy but it appears that more expensive single family homes are selling which is a great sign.

Market Time for Sold: Another encouraging sign for Dorchester home sellers is days on market is down to approx. 50 days.

All signs appear to be positive for the Dorchester real estate market but like almost everywhere else in MA, inventory is low. The median sales price is probably the most encouraging sign and these prices along with proximity to the city make Dorchester a great place for first-time buyers!

Arlington Housing Data

Arlington Housing Data

Total Inventory: Inventory is extremely low for Arlington and has been that way since 2011.

Median Sales Price: Tthe median sales price has good growth, and has climbed from $500K to over $550K over the past 2 years.

Unit Sales: Units sales are a little bouncy but are definitely moving in the right direction and correspond nicely with the amount of available inventory during the year.

Market Time for Sold: The most encouraging sign for Arlington home sellers is, days on market is down to approx. only 20 days!! THIS IS UNBELIEVABLE

All signs are extremely positive for the Arlington real estate market but like almost everywhere else in MA, good inventory is hard to find. Low inventory, low days on market and an increase in median sales price, means there is way more demand than available supply. Buyers, if you are looking in Arlington be prepared for competitive offers. Sellers, get your house listed today!

Franklin Housing Data

Franklin Housing Data

Total Inventory: Inventory is extremely low for Franklin and has been that way since since the beginning of 2013.

Median Sales Price: Oddly, the median sales price hasn’t moved much, hovering around the mid $300’s.

Unit Sales: Units sales are a little bouncy but are definitely moving in the right direction and correspond nicely with the amount of available inventory during the year.

Market Time for Sold: The most encouraging sign for Franklin home sellers is days on market is down to approx. 50 days.

All signs are positive for the Franklin real estate market but like almost everywhere else in MA, good inventory is hard to find. The median sales price is isn’t something to be too concerned with as Franklin is a town with a very high concentration of homes in the $300-$400K price range. Great place for first-time buyers!

Braintree Housing Data

Braintree Housing Data

Total Inventory: Inventory is low for Braintree but the graph appears to show healthy market signs.

Median Sales Price: Median sales price is up from around $300K in 2011 to over $350K through 2013.

Unit Sales: Units sales are a little bouncy but are definitely moving in the right direction and correspond nicely with the amount of available inventory

Market Time for Sold: The most encouraging sign for Braintree home sellers is days on market is down to just over 50 days.

All signs are positive for the Braintree real estate market but like almost everywhere else in MA, good inventory is hard to find. The buyers are out there, so if you are thinking of selling now is the time!

Lincoln Market Report

Lincoln Market Report

Total Inventory: Total inventory for Lincoln remains low but has been consistent for the past year.

Median Sales Price: This number has grown dramatically since 2011 up from approx. $600K to $900K.

Unit Sales: Interesting things going on here. Sales are down in 2013 from 2012 but if you look at inventory for the same time period you will see that sales correspond with the number of homes available for sale.

Market Time Sold: This number has been very consistent over the past 2 years and days on market is averaging approx. 100 days.

Don’t be fooled by the low sales in 2013. The data shows clearly that the sales would be there if inventory could keep up. Days on market is down and median sales price is up. This is great news for sellers and buyers are probably going to be competing over properties.

Millis Market Report

Millis Market Report

Total Inventory: Total inventory for Millis is down like most towns, however; it has remained fairly consistent for the past year and a half.

Median Sales Price: The median sales price in Millis is up to approx. $325,000 and this number has jumped within the past year- up nearly $50K!

Unit Sales: With inventory levels remaining consistent for the past year and a half, sales have been steady as well with no real dips or spikes. There have been more sales this year compared to last year and this shouldn’t change much if inventory remains where it is.

Market Time for Sold: The best sign for Millis real estate is that days on market is at the lowest point it has been for the past 3 years averaging about 3 mos.

Overall Millis looks like a healthy market. Sales are very much reflective of the amount of inventory that’s available. The decrease in market time shows me that the demand for theses homes is high and they aren’t sitting on the market long. Basically, if you list it, it will sell. If you’re a buyer, you are probably looking for more quality product. If you’re a seller- WHAT ARE YOU WAITING FOR?

Holliston Market Report

Holliston Market Report

Total Inventory: Right now inventory in Holliston is very low with total number of single family homes just above 30, for all price points.

Median Sales Price: The median sales price has increased significantly since last year up approximately $50-$75K. This is an indication that homes are selling for more and that higher priced homes are increasing as well- both good signs!

Unit Sales: Unit sales are up in Holliston this year and where there were only 4 homes that sold in Holliston last January, 11 have sold this January.

Market Time Sold: The Average days on market continues to drop and right now Holliston homes are averaging just under 100 days on market.

Great news for sellers in Holliston, a low inventory and increased demand has helped home prices increase steadily over the past 3 years. If you haven’t listed your home yet, or are thinking about doing so- now is the time! For buyers, all indications point to home prices increasing, so if you want in, now is the time to jump on board. Looks like your investment could be protected for the foreseeable future.

Ashland Market Report

Ashland Market Report

Unit Sales: Unit sales, I am happy to say, are up for the 3rd year in a row. According to financial analysts, this trend should continue.

Total Inventory: Total inventory in Ashland is down, like most other towns in MA right now.

Median Sales Price: The median sales price has been trending upward which is likely to continue despite the recent dip. The dip is likely caused by lower priced homes selling more recently but low inventory and higher demand should help this number improve.

Market Time for Sold: For sellers, this trend is definitely a good sign! For buyers it shows that homes are moving more quickly and if you don’t move fast, you might miss out on some good opportunities.

All in all, it is still a good time to buy. With numbers trending upward though, if you are buying it is a great time to get in. For sellers, if you have been contemplating a move, list your home ASAP! There is a lack of good inventory and the buyers are often fighting over good properties

Understanding the Kickout Clause

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Although no one likes to sign contracts that are contingent on the purchasers’ ability to sell their own house, unfortunately it is now a fact of life that must be recognized by every buyer and seller. With house prices having increased dramatically during the last few years, more and more buyers find that they can only qualify to buy a more expensive house if they first sell their current residence.

Generally speaking, when buyers present an offer to purchase, they can include a contingency for the sale of their house. This is known as a “contingent contract.” In simple English, this means that if the specified event does not occur — in this case the buyers do not sell their house — then the contract to purchase the new property becomes null and void and the purchasers are entitled to a full refund of any earnest money deposit.
Needless to say, sellers do not want to take their house off the market for an indefinite period.
Accordingly, a compromise has been developed, which is known as a “kick-out” clause. Under this arrangement, the sellers add language to the real estate sales contract stating that while they are willing to accept a contingency contract based on the purchasers’ selling their current house, the sellers will continue to market their house. If another qualified buyer is found, the seller will give the current purchaser a certain amount of time — usually 72 hours — in which to remove the contingency (i.e. keep the contract alive) or exercise the contingency and decide not to purchase the new property.
Draft language carefully
This kick-out clause has to be carefully drafted. If the potential purchasers are confronted with the 72-hour kick-out period, and decide to delete the sale contingency, they may still be able to get out of the original contract if they cannot get financing. Keep in mind that most standard sales contracts also contain another contingency on the ability of the purchaser to obtain the necessary financing.
 
This creates a dilemma for both parties. If the purchasers remove the sale contingency but still have the financing contingency in the contract, it is probable that a lender will not give a binding loan commitment to the purchasers unless they sell their house first. Thus, the mere removal of the sale contingency does not meet the seller’s needs. The purchaser can still find an excuse to back out of the contract, based on another contingency in the contract.
Thus, sellers should include at the very least the following language in any kick-out clause:
The parties agree that sellers’ property shall remain on the market during the above contingency period. If the purchaser does not remove the above contingency and provide evidence satisfactory to sellers in their sole discretion of purchaser’s ability to perform under the terms herein within (a specific number of) hours after receipt of written notice that seller has accepted a secondary contract, purchaser’s deposit shall be promptly returned in full, and this contract shall be null and void.
Under this contractual arrangement, the potential purchaser has the right to delete the contingency and go forward with the purchase. But the purchasers also have to demonstrate, to the satisfaction of the seller, that they are financially able to qualify for the loan. In many instances, the purchasers will not be able to satisfy the seller, because they obviously do not have the funds to permit them to go forward with the purchase.
Acceptable for buyers and sellers
From the sellers’ point of view, this is an acceptable arrangement. Although the sellers have signed a contract, in effect they are keeping the house on the market. The sellers have the right to continue to show it to other potential purchasers, and have the right to take back-up contracts if possible.
If you are dealing with a real estate agent, insist that the agent continue to market your house even after you have signed the first contract.
From the buyer’s point of view, the kick-out clause is also an acceptable compromise — but obviously is subject to abuse. The buyer can understand that a seller is reluctant to take the house off the market when the contract is subject to a selling contingency. On the other hand, if a seller obtains a higher price for the house from a third party, the seller has the ability to be arbitrary by using the excuse that the current purchaser is not financially able to purchase, thereby giving the seller the right to sell to a third party.
The kick-out clause is a compromise for both parties, and has become an acceptable practice in the real estate arena.
However, the sellers should also insist that the buyer immediately begin to market their own property — whether it be through a real estate firm or on their own. Specific language should be included in the contract that if the purchaser does not begin to market the property within a reasonable period of time — for example 5 days — then the seller has the right to void the contract and look for another buyer.